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Income Tax
Return Filing

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    OVERVIEW
    BENEFITS
    DOCUMENTS REQUIRED
    PROCESS
    FAQ'S

    Overview

    Income Tax Return is a form which is used to file the income tax with the Income Tax Department.

    Income tax is a tax imposed by the Central Government on income of a person.

    The Income Tax Department of India has various forms for it such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7.

    The form that contains information of income and tax paid of an assessee is called Income Tax Return.

    Overview

    PAN and Aadhaar Card

    Both PAN and Aadhaar Card of all Indian Shareholders and Directors

    Identity Proof

    Either Voter ID, Passport, or Driving License of the Shareholders and Directors.

    Proof of Address

    Copy of the latest Telephone Bill, Electricity Bill, or Bank Account Statement of the Shareholders and Directors

    Photographs

    Latest passport size photographs of all the Shareholders and Directors

    Business Address Proof

    Either of the latest Utility Bill (Electricity, Telephone, Gas, Water) or Property Tax Bill of the registered office address. Rent agreement and NOC from the owner in case of rented property

    Proof of Address

    Copy of the latest Telephone Bill, Electricity Bill, or Bank Account Statement of the Shareholders and Directors

    Why file IT returns?

    Loans

    Bank loans like education loans, vehicle loans, personal loans, can be availed easily as they require last three year’s IT returns.

    Visa

    As Immigration centres scrutinize many documents and IT returns proofs is a mandatory document for visa applicants.

    Avoid penalties

    Hefty amounts would be charged for non-filing of income tax returns and hence it is always better to file it to avoid legal repercussions.

    Compliance

    Filing income tax returns ensures that you are in compliance with the law and avoid any legal issues.

    Read More About IT Returns

    Documents Required

    Bank statements

    Bank statements serve as proof of transactions

    Proof of investments

    This includes documents that prove investments, such as purchase receipts, stock certificates, and mutual fund statements.

    Form 16

    T.D.S. Certificates in Form 16 or 16A as applicable

    Documents on purchase and sale

    Proof of purchase and sale of investments or assets, such as receipts, invoices, and sale deeds.

    Challan of tax paid

    Challan of tax paid such as advance tax or self-assessment tax

    PAN application form

    If PAN is applied but not received, a copy of filed PAN application and its acknowledgment. In case not applied for PAN, a PAN application form duly filled in and two passport size photographs

    Documents for businesses

    For businesses - a copy each of the audit report, balance sheet, trading, profit and loss account, personal account of proprietor or partners

    Financial Proof for Businesses Without Regular Books

    Statement of receipts and payments when no regular books are maintained

    PROCESS

    How to file your income tax return online?

    Log on to www.incometaxindiaefiling.gov.in.

    Register at the website using the PAN number. It becomes your ID.

    View Form 26AS. It shows the tax deducted by the employer. The TDS on Form 16 should match this amount.

    Download the ITR Form that is applicable to you. If you do not know the right form, consult Vakilsearch.

    Complete the entire form by filling in the required details and then submit it.

    Click the Calculate Tax button, to know your payable amount.

    If applicable, pay the required tax.

    Enter the challan details on the tax return section of the form.

    Timeline

    Due dates for filing IT return

    A firm or individuals who are not liable for audit.

    A company or other who is liable to audit.

    All individuals and companies filing belated returns.

    Our Clients

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    Have Questions? Find Answers Here

    All the business entities (Company, LLP, Firm) must file ITR even if their total income or tax payable is zero. In case of an individual, when income exceeds the basic exemption limit, it is recommended to file ITR to avoid scrutiny from the Income Tax Department. Also, if your tax liabilities is zero and have filed the ITR before, it is necessary to be filed. The same can be provided as a proof of income whenever required.

     

    The due dates for filing ITR online are mentioned below – let’s take an e.g. of  (F.Y. 2017 – 18 & A.Y. 2018 – 19)

    1. Up to 31st July of next year (31st July, 2018) – Individuals, HUF, BOI and AOP (who does not fall under the audit provisions)
    2. Up to 30th September of next year (30th September, 2018) – Companies including other entities on which Audit provisions are applicable
     

    Yes, filing ITR in case of loss would be in your interest itself. With online ITR filing, you can carry forward the losses to a certain upcoming financial year to set off losses against the future profits.

     

    No, the income tax is paid during the financial year in which the income is earned. While filing ITR, if the tax liability is more than the already paid advance tax, the due amount must be paid with interest, if applicable.

    More Questions? Seek Help of an Expert

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